The analysts foresee the global fiber reinforced plastics industry to continue to show promise in the coming years. However, the global fiber reinforced plastics industry is expected to face uncertainties as it bears the impact of the fierce competition and rising demand.
Resin matrix and fiber are the two main raw materials used in the manufacture of fiber reinforced plastics. The proportions of resin matrix and fiber are anticipated to influence the prices of products.
Global Fiber Reinforced Plastics Market: Drivers
Increasing awareness about the competitive features of fiber reinforced plastics such as low density, high stiffness, fatigue resistance, and ease of shaping is prophesied to attract demand in the global market. Increasing collaboration of major players with research agencies to develop bio-based fiber reinforced plastics is expected to create favorable opportunities in the global market. On the other hand, high investment in the development of novel techniques for manufacturing cost-efficient composites is projected to highlight the global market.
High demand from the automotive sector because of the advantages of improved mechanical properties and low weight and cost of vehicles is prophesied to push the growth of the global market. Construction is also predicted to develop as a key end user of fiber reinforced plastics in the near future.
Global Fiber Reinforced Plastics Market: Forecast by Type and End User
On the basis of type, the global fiber reinforced plastics market is classified into aramid fiber, carbon fiber, glass fiber, and other types. As analyzed, the prices of aramid fiber and carbon fiber reinforced plastics are more expensive than those of glass fiber reinforced plastics. As per the findings, glass fiber reinforced plastics are one of the most commonly used types in the industry. However, the distinct characteristics of carbon fiber reinforced plastics are expected to help them attract more interest from end users.
Products offered in the global market also differ according to fiber length: continuous, short, and long fiber reinforced plastics.
By end user, the global market is segmented into construction, electrical and electronics, automotive, aerospace, and others.
Global Fiber Reinforced Plastics Market: Forecast by Region
The global fiber reinforced plastics market sees a classification into India, Southeast Asia, Japan, China, Europe, North America, and other regions such as the MEA and Central and South America.
In terms of production, China, Europe, and North America are prognosticated to contribute most of the global output. The production of fiber reinforced plastics is mainly distributed in these markets. In 2017, China accounted for the largest share of the global market in terms of consumption. In the same year, North America treaded upon the heels of China.
Global Fiber Reinforced Plastics Market: Key Players
Some of the major manufacturers profiled in the report are Denka, Hexion, PolyOne, SABIC, DSM, Lanxess, DuPont, and BASF.